Published: Sat, October 13, 2018
Economy | By

Ikea finally plans to open a store in Estonia

Ikea finally plans to open a store in Estonia

The store was expected to attract more than 7 million visitors per year, he said.

Swedish furniture and home accessories maker IKEA plans to invest almost ₹3,000 crore in the next three years to open three fulfilment centres in Mumbai, Bengaluru and Delhi.

"Bengalore is a special city for us as we have active participation from our total value chain - IKEA Foundation, IKEA suppliers, IKEA social entrepreneurs and now IKEA retail".

In addition to Estonia, Ikea has plans to start selling its products in Ukraine, Luxembourg, Macau, the Philippines, Oman, Mexico, Chile, Colombia and Peru, the company said in a statement.

IKEA banks on the concept of "something for everyone", with CEO of IKEA India Peter Betzel revealing that the IKEA store in Hyderabad has 1,000 products for under 200 bucks (definitely not a pocket-burner). "We will offer new and different ways to shop the Ikea product range - online, in remote locations and in city centres". This year alone, the company rose 1.3 per cent to 38.8 billion euros ($44.5 billion) from 38.3 billion euros a year earlier, the company said in a statement on Thursday. "It will launch e-commerce in Mumbai early next summer (March) and introduce other touch points to bring the brand closer to customers", he told PTI here. The company will focus on integrating online and offline stores.

"We're very excited to open in South America", Loof said in a phone interview.

It has opened 19 new outlets this year and now has 422 in over 50 markets. The showroom - on a stretch of Tottenham Court Road, central London, known for furniture stores - is just 400 sq metres and took months, rather than years, to open.

"Ikea's transformation means franchisees like Falabella have a menu of options to choose from to jump start their expansion, including physical store formats and digital services".

As part of its push into online sales Ikea offers an augmented reality app which allows customers to place furniture virtually in their home.

On a comparable store basis, retail sales were up just 1 percent in local currencies. Ingka said it experienced sales growth in a majority of its 30 markets, with one of the biggest increases recorded in China.

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